Systemix Rejects Sandoz Bid
Independent directors of the US company Systemix have rejected the unsolicited bid from Swiss pharmaceutical company Sandoz to acquire the outstanding stake it does not already hold in Systemix (Marketletters passim).
The decision taken by the directors, reports Reuters, was based in part on the advice from Lehman Brothers that the offer was inadequate and not fair to the minority shareholders.
Sandoz, which currently has a 73% stake in the US biotechnology company, has indicated its disappointment at the decision.
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